WIDREB 2012 numbers trail 2011 & 2010
I always say that there is never a bad time to sell a house. The theory is simple, when the number of buyers is lower, the number of listings is usually also somewhat lower. No matter what the market is like, you must price your house to sell.
The Woodstock-Ingersoll real estate board (WIDREB also includes Innerkip, Drumbo, Sweaburg, Norwich, Mt Elgin, Beachville, Embro, Hickson and all points in-between.) numbers do paint an interesting story when you look at the first 8 months of 2012 and compare to the last two years.
Year 8 Months August
2012 756 104
2011 816 110
2010 870 85
The 2010 sales numbers started high and then slowed down due to the introduction of the HST on all real estate services (lawyer fees, inspections, commission, etc)
To summarize, year-end sales totals for the past 9 years are as follows:
2011: 1159 2010: 1216 2009: 1080
2008: 1176 2007: 1359 2006: 1278
2005: 1473 (correct) 2004: 1366 2003: 1153
K-W real estate report for August
KITCHENER - There were a total of 495 home sales through the Multiple Listing System (MLS) of the Kitchener-Waterloo Association of REALTORS (KWAR) in August, a decrease of 4.4 percent compared to the 518 homes sold in the same month last year.
On a year-to-date basis, residential home sales remain on par with last year – with a total of 4,492 sales recorded.
August’s residential sales included 322 detached homes (down 7.7 per cent), 35 semi-detached (up 6.1 percent), 37 townhouses (up 32.1 per cent), and 97 condominium units (down 4 per cent).
The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 7.3 percent in August to $314,623, up from $293,303 one year ago (See: Note). Condominium units increased 9 percent to $231,654, up from $212,513 a year ago. Single detached homes sold for an average price of $354,064, a 7.6 percent increase compared to a year ago.
“While sales were down in August, we saw fairly strong price gains last month, says Sara Hill, president of the KWAR. “This was helped along by the fact that three residential properties sold for over one million dollars in August, compared to no sales in that price range last August.”
Also putting pressure on August’s average residential sale price was the increase in the number of homes that sold for more than $400,000. 96 homes were reported sold that came in over $400,000, representing an increase of 37 percent compared to the 70 homes that sold above that mark in August 2011.
Consumers uncertain about current market conditions should work with a REALTOR to develop an effective selling strategy. If you are buying, a REALTOR will negotiate on your behalf and guide you through every step. A REALTOR understands the local market and must, by law, look after your best interests,” Hill explains.
On a year-to-date basis, residential home sales remain on par with last year – with a total of 4,492 sales recorded.
August’s residential sales included 322 detached homes (down 7.7 per cent), 35 semi-detached (up 6.1 percent), 37 townhouses (up 32.1 per cent), and 97 condominium units (down 4 per cent).
The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 7.3 percent in August to $314,623, up from $293,303 one year ago (See: Note). Condominium units increased 9 percent to $231,654, up from $212,513 a year ago. Single detached homes sold for an average price of $354,064, a 7.6 percent increase compared to a year ago.
“While sales were down in August, we saw fairly strong price gains last month, says Sara Hill, president of the KWAR. “This was helped along by the fact that three residential properties sold for over one million dollars in August, compared to no sales in that price range last August.”
Also putting pressure on August’s average residential sale price was the increase in the number of homes that sold for more than $400,000. 96 homes were reported sold that came in over $400,000, representing an increase of 37 percent compared to the 70 homes that sold above that mark in August 2011.
Consumers uncertain about current market conditions should work with a REALTOR to develop an effective selling strategy. If you are buying, a REALTOR will negotiate on your behalf and guide you through every step. A REALTOR understands the local market and must, by law, look after your best interests,” Hill explains.
NOTE: The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR.
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